TITLE 14

ESTATES OF DECEDENTS

CHAPTER 5

REVISED UNCLAIMED PROPERTY ACT

PART 8

ADMINISTRATION OF PROPERTY

14-5-801.  DISPOSITION OF MONEY RECEIVED. (1) All moneys received under this chapter, including the proceeds from the sale of property under section 14-5-701, Idaho Code, shall be deposited in the unclaimed property account.

(2)  Moneys in the unclaimed property account are subject to redemption by the owner as follows:

(a)  All moneys designated by law for escheatment to the public school permanent endowment fund created pursuant to section 4, article IX of the constitution of the state of Idaho may be redeemed by the owner, upon satisfaction of the requirements for redemption established in rule by the administrator, if claimed within a period of ten (10) years from the date the property is subject to the custody of the state under this chapter. Upon the conclusion of such redemption period, unredeemed moneys shall escheat to the public school permanent endowment fund;

(b)  Moneys submitted from unnamed owners may be designated as unredeemable after a period of ten (10) years upon satisfaction of the requirements for designation as unredeemable established in rule by the administrator; and

(c)  All other moneys in the unclaimed property account may be redeemed by the owner upon satisfaction of the requirements for redemption established in rule by the administrator.

(3)  Moneys in the unclaimed property account shall be distributed as follows:

(a)  All moneys designated by law for distribution to the public school permanent endowment fund shall be transferred from the unclaimed property account to the public school permanent endowment fund upon the expiration of the period provided in this section for the owner to redeem such moneys; and

(b)  The state treasurer shall transfer all moneys designated as unredeemable to the general fund at the end of each fiscal year.

(4)  All moneys in the unclaimed property account are hereby continuously appropriated to the state treasurer, without regard to fiscal years, for expenditure in accordance with law in carrying out and enforcing the provisions of this chapter, including but not limited to the following purposes:

(a)  For payment of claims allowed by the state treasurer under the provisions of this chapter;

(b)  For refund to the person making such deposit of amounts, including overpayments, deposited in error in such account;

(c)  For payment of the cost of appraisals incurred by the state treasurer covering property held in the name of the account;

(d)  For payment of the cost incurred by the state treasurer for the purchase of lost instrument indemnity bonds, or for payment to the person entitled thereto, for any unpaid lawful charges or costs that arose from holding any specific property or any specific funds that were delivered or paid to the state treasurer or that arose from complying with this chapter with respect to such property or funds;

(e)  For payment of amounts required to be paid by the state as trustee, bailee, or successor in interest to the preceding owner;

(f)  For payment of costs of official advertising in connection with the sale of property held in the name of the account;

(g)  For transfer to the general fund as provided in subsection (3) of this section;

(h)  For transfer to the public school permanent endowment fund as provided in subsection (3) of this section;

(i)  For expenses related to disposition of property delivered to the administrator under this chapter;

(j)  For costs of mailing and publication in connection with property delivered to the administrator under this chapter;

(k)  For expenses incurred in examining records of or collecting property from a holder or putative holder;

(l)  For reasonable service charges; and

(m)  For expenses arising from legal proceedings under section 14-5-604 or 14-5-1203, Idaho Code.

(5)  At the end of each fiscal year, or more often, if the state treasurer deems it advisable, the state treasurer shall transfer all moneys in the unclaimed property account in excess of five hundred thousand dollars ($500,000) to the general fund.

History:

[14-5-801, added 2024, ch. 27, sec. 2, p. 204.]